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Pharmaxis will issue 20 million new fully paid ordinary shares at A$2.35 per share, a 10.6% discount to Pharmaxis' last closing price on 1 June 2009 and an 8.5% discount to the volume weighted average share price over the past 30 days. The shares to be issued will rank equally with existing ordinary shares in the capital of the company.
The placement has been managed by Wilson HTM Corporate Finance Limited and closed oversubscribed. Settlement of the placement is scheduled to take place on 10 June 2009.
A share purchase plan will be offered to all Australian and New Zealand shareholders who hold shares as at 7.00pm on 1 June 2009 and will afford the opportunity to purchase up to $5,000 worth of fully paid ordinary shares at the placement price of A$2.35, without brokerage or transaction costs. The share purchase plan offer opens on 10 June and closes on 24 June 2009. The share purchase plan will be capped at A$10 million.
"The proceeds from this offering are principally to be used for the commercial launch of Bronchitol for cystic fibrosis in both Europe and the U.S. This placement means Pharmaxis can take an important additional step in building a profitable, international, pharmaceutical business. We are very pleased with the support from the participating institutions and look forward to bringing Bronchitol to the world," said Pharmaxis Chief Executive Officer Dr Alan Robertson.
Forward-Looking Statements
The statements contained in this media release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this media release include statements regarding our expectations, beliefs, hopes, goals, intentions, initiatives or strategies, including statements regarding the potential for Aridol and/or Bronchitol. All forward-looking statements included in this media release are based upon information available to us as of the date hereof, and we assume no obligation to update any such forward-looking statement as a result of new information, future events or otherwise. We can not guarantee that any product candidate will receive FDA or other regulatory approval or that we will seek any such approval. Factors that could cause or contribute to such differences include, but are not limited to, factors discussed in the "Risk Factors and Other Uncertainties" section of our Form 20-F lodged with the U.S. Securities and Exchange Commission.
CONTACT:
Alan Robertson - Chief Executive Officer
Tel: +61-2-9454-7200
Email: alan.robertson@pharmaxis.com.au
RELEASED THROUGH:
Australia:
Felicity Moffatt
Tel: +61-418-677-701
Email: felicity.moffatt@pharmaxis.com.au
United States:
Brandon Lewis, Trout Group
Tel: +1-646-378-2915
Email: blewis@troutgroup.com
SOURCE Pharmaxis Ltd
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